RISE OF THE PENSIONERS
Medical advances mean an ageing population and a potential pensions time bomb
NEARLY a fifth of the UK will be at least 75 years old by the year 2116 - with experts warning our current care system will be “unable to cope” with the ageing population.
Figures from the Office for National Statistics predict that in around 100 years from now, some 19.6 per cent of the UK population will be aged 75 years and above.
That is more than double the 8.1 per cent who were aged at least 75 in 2016.
Medical advancements and better awareness of how to lead healthy lives may be some of the reasons people are expected to live longer.
Age UK’s charity director, Caroline Abrahams, said: “Significant improvements in healthcare, public health and living conditions at all stages of life have led to real improvements in both life expectancy and in older people’s health.
“The fact that we are living for longer should be cause for real celebration.
“However an ageing society does bring with it specific requirements which must be addressed if we are not to leave people without essential care and services. “For example, our social care system has been chronically underfunded for years and will be unable to cope with the extra demand that an ageing population will bring unless substantially more investment is made.” The UK’s population is estimated to rocket to 85.9 million people by 2116 - some 20.7 million more than the 65.4 million in 2016. The data shows that every age range that makes up the UK will decline by 2116 - apart from those aged at least 60. In 2016, 17.8 per cent of people were aged 14 and under - a figure which will fall to 15.3 per cent by 2116.
Meanwhile, nearly a fifth (19.1) of the population in 2016 was made up of 15-29 year olds, but this is expected to fall to 16.1 per cent by 2116.
In comparison, those aged 60 to 74 will make up 16.0 per cent of all people in the UK in the next 100 years - up from 15.3 per cent in 2016.
As the population ages and younger people make up a smaller proportion of the population, this could cause problems when it comes to the workforce. Pensioners - those aged 65 and above - will see a rise in numbers, from 18.9 per cent in 2016 to 27 per cent in 2116. At the same time, working age adults - those between the ages of 16 and 64 - will see their proportion decline, from 62.2 per cent of the population in 2016 to 56.7 in 2116. That being said, if current trends continue the normal retirement age - when people are entitled to their state pension - is likely to rise well above the age of 65 in the next 100 years.